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HomeMy WebLinkAbout0672 . . , • lxnder's written agroecaent or spplicabb law. eorrowu ~hap Qay the ainouM ot all mo~tsage insunace premiums in tbe manncr p~ovided unde~ paraaraph 2 hereot. Any amounts disbursed by l.enck~ . pursuant to thit paa`nph 7. with iaterest theroon. shall become additiond indebted~ess of Borrowcr secured by this Mongage. Unless Bonower and I.ender agra to dhe~ tern~s of payaneM, such amounts shall be payabk upoo nalice from I.ende~ to Bo~ower roquesling payment thercof, and shall bear interat from the date of disbu~aemeM at the nte payabk from time to lime on outstandin` principal under the Aiote unkss payma~t ot inlerest at such nte would be contnry to applicabk law, in which event wch amounts shall beu interest at the hithat r'a~e permitsibk u~der applicabk law. Nothing contained in this paragraph 7 shall requir~e i.ender to i~cur aay eape~ae or tate any action hercuader. ~ S. Ir}eclio~. I.ender may make or cause to be made rcssanabk entries upon and inspections of the Property. pro~ided that I.ondec shall give Borrower naice priar to any such inspection spocifyina reasonabb cause therefor related to I.ende~'s interest in the Property. 9. Conde~swatiow. The proceeds of any award or claim for damaga, direct or coMequential. in ca~r~eMion with any condemnalion or dher taking of the Propertp, or part tAercof, or for conveyance in lieu of condemnation, are hereby assi~oed ~ and shall be paid lo I.ender. ~ in the event of a total taking of 1he Property. the proceeds chall be applied to the sums xcurod by this Mortaaae. with the excesa. if any, paid to Bormwer. In the event of a panial nking of the Property, unkss Borrower and I.ender ~ olherwise agree in writing. theoe shall be appliod to the sums socurcd by this Mortgage such proportion of the proceeds as is equal to that proportio~ v?hich the ama~nt af the sumc securcd by this Mortgage immediately prior to the date of taking bean to the fair market value of the Propeny immediately prior to the date of taking, with the bala~ce of the pmceeds paid to Borrower. if the Propeny is abandoned by Borrower, or if. after notice by Lender to Bomower that i~~, condannor ofters to make an award or settk a claim for damages, Borcower tails to rcspond to [.ender within 30 days aftet the date such notice is maikd. Lende~ ic authoriud to collect and apply the proceeds. at I~ender's option, either to restoratio~ or nqir of the Propeny or to the sums securcd by this Monga~ee. U~less Lender and Borrower othervvice agrce i~ writing, any such application of procecds to principal shall not extaid or postpone the due date of the monthly installmen~s refcrred to i~ paragraphs 1 and 2 heroof or change the amount of ' such installments. . 10. Bon~wer Not Rek~ed. Extension of the Iime fo~ paymeot pr modilkation of amortization of the sums secured by this Mortgage granted by Lende~ to any cuccessor in intercst of Borrower shall not operate to eekase. i~ any manner. the liabiliry of the original Borrower and Borrower s succcsson in interest. Lender shall not be tequircd to commence proceedings against such successor or retuse to e~tend time for payment or otherwise modify amortization of the ~ums secured by this Mortgage by rcason of any demand made by the original Borrower and Borrowe~'s successors in interesl. ll. Forbears~ce 6y t.ender Na a wd~er. Any forl~earance by Lender in exercising any right or rcmedy heramder, or otherwise afiorded by applicable law, shall not be a waiver of or proclude the exercise of any such right or remedy. The procurcment of insurance or the payment of taxes or other liens or charga by Lender shall not be a waiver of I.ende~'s right to accelerate ihe maturity of the indebtedness xecurcd hy this Mortgage. - 1Z Ren~ ComuWi~e. All rcmedies provided in this Mortgage are distinct and cumulativc to any other right or rcmedy under this Mortgage or afTorded by law or equit_y. a~d may be exercised concurneotly. independently or successively. ' 13. Srcceators aad Assi~as Eound; .JoM1 asd Sered i.~; CapBoas. "17~e covenants and agrcements hercin contained shall bind, and the rights hercunder shall inurc to, the rcspoctivt succe.swrs and assigns of Lender at~d Borrower. subjoct to the provisions of paragraph 17 hereof. All covenants and agrcements of Borrower shall be joiry and several. 7he captions and headings of the par~graphs of this Mohgage arc for convenience only and arc not to be ~sed to interpret or define. the provisions hercc~f. 14. Notice. Eacept for any notice requircd under applicabk law to be given in another manner, (a) any notice to Borrower provided for in this Monga¢e shall be given by mailing such notice by ccrtifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may desig~ate by notice to i.ender as provided herein, and (b) any notice to Lender shall he given by certificd mail, rctum ra:eipt requested. to i_ender's address stated hercin or to such other address as Lender may designate by notice to Borrower as pravided herein. Any notice provided for in this Mortgage shall be deemcd to have been gi~~en to Bormwer or Lender when given in tht manaer designated hercin. lS. Unitwm Morl~a~e; Go~ernlaR Law: SeverabilHy. "Il~is form of morigage combines uniform covenants for national use and non-uniform covenants with limitecl variations by jurisdiction to coMtitute a uniform security instrument rnvering ; rcal propeny. "Il~is Mortgage shall be governed by the law of the jurisdictio~ in which the Property is locatod. In the i event that any provision or claux of thic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect ~ other pravisions of this Mortgage or the Note which can . be given effect without the conflicting provisan, and to this ~ end the provisions of the Mortgage and the Note are declared to be severaWe. i 16. dorrower's Copy. Borrower shall bc furniched a conformed copy of the Note and of this Mortgage at the time ; of eaecotion or after recordation hercof. ~ 17. Tra~aler of t6e lrope~ty: Assnmption. if all or any part of the Property or an intercst theroin is sold or tnnsferred by Borrower without Lender's prior writtcn consen~. excluding (al the creation of a lien or encumbnnce subordinate to this Mortgage. (b) the creaticx~ of a purchace money security interat for household appliances, (c) a transfer hy devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any kasehold intercst of thrcc years or less not containing an option to purchase. Lender may, at Lender s option, declarc all the sums securcd by this Mortgage to be immediately due and payable. Lcnder shatl have w•aived such option to accekrate if, prior to the sale or transfer. Lender and the peraon to whom the Property ic to be cold or transferred reach agrcement in writi~g that the crcdit of such person is satisfactory to i.ender and that the inter~~st payable on the sums securod by this Mortgage shall be at such rate as I_ender shall rcquat. Tf I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s succeuor in interest has executed a written assumption agreement accepted in writing by I.ender. Lender shall release Borrower from all obligations under this Mortgage and i!K I~rt~. If Lender eaercises such option to accelerate. Lender sh~ll mail Borrower notice of accekration in accordanc-~ ~.~i~h paragraph 14 heroof. Such notice shall. provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums doclared due. lf Borrower fails to pay such sums prior to the expiration of cuch period, Lender may, without further ~otice or demand on Borrower. invoke any remodia Fermitted by pangraph 18 herrnf. NoN-UrnFOR~?t CoveNerns. Borrower and Lender further covenant and a6ree as fdlows: IS. Accde*atio~: Re~edia. Ezcept a~ proriied ~ psea~rapti 17 rereot. rpo~ >orrwwe~'s bra~i of a~y co~ewt or a~ree~eat of Eorrower b t6h Morisa~e. i~cludiaR tLe co+e~sMs to pr ..k. ao~ a.~ ~~.na e~ au. t~to~q~~. Le~der ~ ptior 1o sccekrs8o~ sba0 waN wotke to eorrower a~ pro~iaed i~ pra~rapl~ f4 Aereot s~eelt~s (1) tUe bnacb: (2) the aetio~ - r~i b eor+e s~ b~eacr: (3) a date, wot ks traw 30 dsp frora tUe iate tLc ~otke i~ s~ita to ie~tiower. !7' whicL src~ ~ bnac~ edt be coce~ a~i ttiat h~re to c~u~e srei~ 6reac~ ow or betaee tMe iate s~aiie~ i~ tbe eotiee wy ~k h accderatiow ot ere sw~ sec.rd by wts Mort~a~e, torec~owre h j~cial ~roc~as a.a de of trc h~upcrry. 'Ibe oouce ~ rbaM fnrt6er L~ton~ Sorrower d t6e ri~M to «i~tstt sfter sccekest~oa a~ tie ~t b aoed ~ t6e fortelos~e ~noetedi¦~ ~.o.-Kw~ or. a~r~ ~¦.r a~ a~r~ or s«~o..K b s~.~no. ssi toreelosrre. N tl~e 6resc~ b~ot a~rei o~ ~ or betore n~e da~e s~eefiei i~ u~e ~ofke. Lewaer t.eAdcr's o~iow .q aeclare ar d t~e s~a~s uea~ca ry t6b Mo~ia.~e b be is~€ty dre a~i pysMe wklw~t trrtber dtmanA and aay tatebse thi~ Mo~a~e h' j~dkW lt~oeKdi~• i.ender ~hall be a~d~ to coileet b s~ei ~r~oceedi~ sN e:pesses of toreclosrre. iwcirdi~, bN ~IOt Y~ w. rdtosable atU~rne~r's fees. a~i eo~ d doc~e~tary e~iae~ae, abd*aeb ~ud tkk re~orls. 19. forrower's Ri~t te Rele~tate. Notwithstanding Lender's acoekration of the swns secuted by th~s M~rtgagc, Borrower shall have the right to have any proccedings begun bv Lender to enforce this Mortasge discontinuod ac any time . : BaoK299 ~ 672 ~ , : _ - - ~r~.~,-~ - ~ . : ,aF ;